SOLV IPO: shares of solar energy solutions provider become available

Preliminary trading in shares of SOLV Energy, which builds solar power generation and storage projects, has begun on the Freedom customer trading system. The company is listing amid high demand for energy storage needed by data centers to work with AI, Bloomberg writes. Later on Feb. 11, SOLV Energy securities will appear on the Nasdaq exchange under the ticker MWH.

SOLV Energy raised $512.5 million in an IPO on the Nasdaq exchange. It placed 20.5 million shares at $25, which corresponds to the upper limit of the previously announced price range. Based on the listing results, the entire company could be valued at $5 billion, Bloomberg reported. According to the agency's sources, the volume of applications for the IPO exceeded the offer more than ten times.

Jefferies and JPMorgan acted as the leading organizers of the placement.

SOLV Energy was a subsidiary of Swinerton Builders and was acquired by private equity investment fund American Securities in 2021. After the IPO, American Securities will retain about 75% of the voting rights in the company, according to a prospectus it filed with the U.S. Securities and Exchange Commission.

The company intends to use most of the proceeds to repay debts - it is about $402 million in loans. The rest will be used for the company's current needs, including business expansion and purchase of other assets, the prospectus says.

SOLV Energy is engaged in the design, procurement, construction, operation and maintenance of energy infrastructure. The main areas of focus are solar energy and storage systems. Demand for these services in the U.S. is growing amid the desire of technology giants to power data centers for AI and high-performance computing, Bloomberg notes.

In its IPO filing documents, SOLV Energy called it the main "market opportunity" of the decade, Axios noted. Boston Consulting Group forecasts that the share of data centers in total U.S. electricity consumption will grow from 4% in 2024 to 7.5%-12% by 2028-2030.

Axios points out the contradiction in the policy of President Donald Trump, who criticizes alternative energy: his policy of technological dominance and development of AI infrastructure is not feasible without large-scale commissioning of solar capacity, the publication says. Against the backdrop of the closure of coal plants and energy-intensive reshoring of industry (the return of production to the United States), solar generation becomes the only resource that can quickly close the deficit, Axios points out.

In its IPO prospectus, SOLV Energy states that it has built more than 500 power plants totaling 20 GW since its founding in 2008. Engineering News Record ranked the company as the second-largest solar contractor in the country by revenue in 2024.

For the first nine months of 2025, SOLV Energy's revenue reached $1.7 billion and net income amounted to $114 million, the company said in its prospectus. A year earlier, the profit was disproportionately lower - about $139,000 on revenue of $1.4 billion. The company's order backlog as of Sept. 30 was estimated at about $6.7 billion.

SOLV Energy is going public to reduce debt and secure further growth in the U.S. solar market, says Donovan Jones, an analyst at investment firm IPO Edge. The main risks to the company's business, he says, include reliance on a limited number of customers, lock-in to individual suppliers, and potential difficulties due to government regulation and permitting in the U.S. solar industry.

The forecast of Freedom Finance analyst Alem Bektemirov assumes the growth potential of SOLV Energy shares by only 2% relative to the offering price. Among the main risks, he mentioned competition in the market, as well as changes in laws and project schedules, which could negatively affect SOLV's revenue.

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Freedom clients will be able to get access to SOLV Energy shares before the opening of the main exchange session. Trading will begin in the early pre-market format 2-3 hours before the opening of the US exchanges (from 15:30-16:30 Astana time). To participate, click on ticker MWH.

This article was AI-translated and verified by a human editor